Geographies of the financial crisis

Real estate is, by definition, local as it is spatially fixed. Mortgage lending, however, has developed from a local to a national market and is increasingly a global market today. An understanding of the financial crisis is ultimately a spatialised understanding of the linkages between local and global. This article looks at the geographies of the mortgage crisis and credit crunch and asks the question: how are different places affected by the crisis? The article looks at different states, different cities, different neighbourhoods and different financial centres. Investors in many places had invested in residential mortgage backed securities and have seen their value drop. Housing bubbles, faltering economies and regulation together have shaped the geography of the financial crisis on the state and city level in the US. Subprime and predatory lending have affected low-income and minority communities more than others and we therefore not only see a concentration of foreclosures in certain cities, but also in certain neighbourhoods. On an international level, the long-term economical and political consequences of this are still mostly unknown, but it is clear that some financial centres in Asia (including the Middle East) will become more important now that globalisation is coming full circle. This article does not present new empirical research, but brings together work from different literatures that all in some way have a specific angle on the financial crisis. The aim of this article is to make the geographical dimensions of the financial crisis understandable to geographers that are not specialists in all – or even any – of these literatures, so that they can comprehend the spatialisation of this crisis.     

A paleoenvironmental reconstruction of Laguna Babícora, Chihuahua, Mexico based on ostracode paleoecology and trace element shell chemistry

Paleoecology of Laguna Babícora, Chihuahua, Mexico was reconstructed using ostracode faunal assemblages and shell chemistry. The paleolimnological record is used to show the magnitude of paleoclimatic changes in the area from 25,000 years to the present.Faunal assemblages consist of four species of the genus Limnocythere: L. sappaensis, L. ceriotuberosa, L. bradburyi and L. platyforma, all associated with Candona caudata, Candona patzcuaro and Cypridopsis vidua. A paleosalinity index developed from these assemblages indicates that the lake's salinity fluctuated frequently from oligo- to meso-haline conditions during the last 25,000 years. This pattern and low salinity range are in good agreement with modern TDS (here used as an indicator of salinity) values recorded from 26 wells and one spring from the area (258–975 mg l^–1). To estimate paleotemperature we examined the trace element content (Mg/Ca ratios) from individual valves of L. ceriotuberosa and L. platyforma, the two species most commonly recorded in Laguna Babícora.Shell Mg/Ca ratios of 204 specimens of these two species were used to estimate water temperature (Mg/Ca) by means of experimental standard coefficients. Our data show that paleowater temperature ranged from 5.6–21.3 °C (with 2 values ranging from 0.2–4.8 °C), which suggest a close correlation with atmospheric temperatures around the lake. These results are in good agreement with a modern mean winter temperature (3.5 °C) and mean summer temperature (20 °C) recorded in the area between 1970 and 1980.     

Ontogenic shifts in predatory roles involving two invasive species

The red swamp crayfish, Procambarus clarkii, and the eastern mosquitofish, Gambusia holbrooki have been introduced worldwide, but the interactions between these invasive species are not well known. The effects of crayfish presence, crayfish size and water depth on the consumption of G. holbrooki by P. clarkii were analyzed, as were the effects of mosquitofish presence and water depth on the consumption of recently hatched crayfish (RHC) by mosquitofish. To better understand this subject we conducted aquaria and open air mesocosm experiments simulating a rice field section. Aquarium experiments showed that P. clarkii consumes G. holbrooki and that G. holbrooki consumes RHC. Adult crayfish size did not significantly affect the consumption of mosquitofish and water depth had no effect on the consumption of G. holbrooki by P. clarkii and vice versa. In the outdoor mesocosm experiments P. clarkii caused no statistically significant effect on G. holbrooki numbers or biomass when compared with controls without crayfish. In spite of this, the analysis of crayfish stomach contents clearly demonstrated that several G. holbrooki individuals were consumed, indicating that crayfish can profit from the presence of G. holbrooki. Results from our study suggest that in shallow pools there are strong interactions between the two invasive species since adult crayfish predate mosquitofish and mosquitofish predate recently hatched crayfish. Therefore, there are bidirectional trophic interactions between these invasive species which change depending on their relative size. We believe that these interactions should become more relevant in confined areas such as small shallow pools formed during the late summer and autumn.     

Conceptual problems with remote element synthesis

The notion of remote element synthesis has recently been modified to explain the presence of nucleogenetic isotopic anomalies and decay products of short-lived nuclides by injection of a small amount ofexotic nucleogenetic material. Even with this modification, remote element synthesis seems inconsistent with the following observations:

Distribution of benthic flora in the lower course of the Valdivia River,Chile

The Valdivia River (Lake Region, Chile) originates in Riñihue Lake and flows into the sea at Corral Bay (39°52′S latitude), changing names several times along its course. The aquatic benthic flora (algae and aquatic plants) of the Valdivia River was characterized, based on 22 sites sampled and 124 plant species collected. Four benthic vegetation zones were established using presence-absence data: a freshwater zone and a marine zone were found at the extremes of the transect; an estuarine zone and a discontinuity zone were detected in the middle of this transect. The freshwater zone was characterized by a relatively diverse assemblage of vascular plants, the marine zone was dominated by algae and was rich in species. By contrast the estuarine zone was inhabited by only a few species but in great abundance, while the discontinuity zone was poor, in species and low in cover vegetation.     

Cumulative impacts on seabed habitats: An indicator for assessments of good environmental status

The European seas are under anthropogenic pressures impacting the state of water quality, benthic habitats and species. The EU Marine Strategy Framework Directive (MSFD) requires the Member States to assess the impacts of pressures and make a programme of measures leading to good environmental status (GES) by 2020. This study presents a method for assessing the quantity and distribution of anthropogenic impacts on benthic habitats in the Baltic Sea by using spatial data of human pressures and benthic habitats. The southern sub-basins were more extensively impacted than the northern sub-basins. Over the entire sea area, deep sea habitats were more impacted than shallower infralittoral and circalittoral habitats. Sand and coarse sediments were the seabed types relatively most impacted in the Baltic Sea scale. A comparison against tentative thresholds for GES showed that in the sub-basin scale only one third of the habitat types was in GES.     

Quantifying the rate and depth dependence of bioturbation based on optically‐stimulated luminescence (OSL) dates and meteoric 10Be

Both the rate and the vertical distribution of soil disturbance modify soil properties such as porosity, particle size, chemical composition and age structure; all of which play an important role in a soil's biogeochemical functioning. Whereas rates of mixing have been previously quantified, the nature of bioturbation's depth dependence remains poorly constrained. Here we constrain, for the first time, the relationship between mixing rate and depth in a bioturbated soil in northeast Queensland, Australia using a novel method combining OSL (optically‐stimulated luminescence) ages and meteoric beryllium‐10 (¹⁰Be) inventories. We find that the best fit mixing rate decreases non‐linearly with increasing soil depth in this soil and the characteristic length scale of 0.28 m over which the mixing coefficient decays is comparable to reported rooting depth coefficients. In addition we show that estimates of surface mixing rates from OSL data are highly dependent on erosion rate and that erosion rate must be constrained if accurate mixing rates are to be quantified. We calculate surface diffusion‐like mixing coefficients of 1.8 × 10^?4 and 2.1 × 10^?4 m² yr^?1 for the studied soil for two different estimates of soil erosion. © 2014 The Authors. Earth Surface Processes and Landforms Published by John Wiley & Sons Ltd.     

Provenance of Holocene beach sand in the Western Iberian margin: the use of the Kolmogorov–Smirnov test for the deciphering of sediment recycling in a modern coastal system

Detrital zircons from Holocene beach sand and igneous zircons from the Cretaceous syenite forming Cape Sines (Western Iberian margin) were dated using laser ablation – inductively coupled plasma – mass spectrometry. The U–Pb ages obtained were used for comparison with previous radiometric data from Carboniferous greywacke, Pliocene–Pleistocene sand and Cretaceous syenite forming the sea cliff at Cape Sines and the contiguous coast. New U–Pb dating of igneous morphologically simple and complex zircons from the syenite of the Sines pluton suggests that the history of zircon crystallization was more extensive (ca 87 to 74 Ma), in contrast to the findings of previous geochronology studies (ca 76 to 74 Ma). The U–Pb ages obtained in Holocene sand revealed a wide interval, ranging from the Cretaceous to the Archean, with predominance of Cretaceous (37%), Palaeozoic (35%) and Neoproterozoic (19%) detrital‐zircon ages. The paucity of round to sub‐rounded grains seems to indicate a short transportation history for most of the Cretaceous zircons (ca 95 to 73 Ma) which are more abundant in the beach sand that was sampled south of Cape Sines. Comparative analysis using the Kolmogorov–Smirnov statistical method, analysing sub‐populations separately, suggests that the zircon populations of the Carboniferous and Cretaceous rocks forming the sea cliff were reproduced faithfully in Quaternary sand, indicating sediment recycling. The similarity of the pre‐Cretaceous ages (>ca 280 Ma) of detrital zircons found in Holocene sand, as compared with Carboniferous greywacke and Pliocene–Pleistocene sand, provides support for the hypothesis that detritus was reworked into the beach from older sedimentary rocks exposed along the sea cliff. The largest percentage of Cretaceous zircons (<ca 95 Ma) found in Holocene sand, as compared with Pliocene–Pleistocene sand (secondary recycled source), suggests that the Sines pluton was the one of the primary sources that became progressively more exposed to erosion during Quaternary uplift. This work highlights the application of the Kolmogorov–Smirnov method in comparison of zircon age populations used to identify provenance and sediment recycling in modern and ancient detrital sedimentary sequences.     

Adjoint free four-dimensional variational data assimilation for a storm surge model of the German North Sea

In this paper, a data assimilation scheme based on the adjoint free Four-Dimensional Variational(4DVar) method is applied to an existing storm surge model of the German North Sea. To avoid the need of an adjoint model, an ensemble-like method to explicitly represent the linear tangent equation is adopted. Results of twin experiments have shown that the method is able to recover the contaminated low dimension model parameters to their true values. The data assimilation scheme was applied to a severe storm surge event which occurred in the North Sea in December 5, 2013. By adjusting wind drag coefficient, the predictive ability of the model increased significantly. Preliminary experiments have shown that an increase in the predictive ability is attained by narrowing the data assimilation time window.